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5 Tips For Getting A Car Loan Fast

Jul 12, 2008
Getting a car loan can be tiresome business, and you want to get it done as fast as possible. There are many things you can do to get your loan processed quickly.

No matter what your credit score or history, these tips can help you save time when getting a loan:

1) Make sure you've got all your paperwork together. You'll need a recent paystub to prove your income, and a recent bill from your phone, electric or cable service to prove your residence. If there are any problems with your credit, such as collections or bankruptcies, get the paperwork for that too. Bring everything with you in an envelope when you go to see your lender. That way, you'll only have to make the trip once.

2) Get your list of personal references together. When you apply for an auto loan, you're usually required to give the name, address, and phone number of three or more friends or relatives that don't live with you. If you get this information together ahead of time, you won't have to scramble to figure it out while you're completing your application.

3) Talk to your boss, office manager, or human resources department. When you apply for an auto loan, most lenders will call and verify your employment. Let the person in charge of employment verification know that you're expecting an auto lender to call about you - that way they'll be ready to provide what the bank needs quickly and accurately.

4) Find out the exact pay-off of your trade-in, if you have one. Estimating your trade-in payoff on your loan application could slow down the process and cost you money. The bank might take your estimated figure for the exact one, and if your payoff ends up being higher than what you estimated, you'll lose time as your loan is re-approved for a higher amount. If your payoff is lower, you could wind up paying a higher interest rate than you should be. Finding out your exact payoff before you fill out your loan application will save time and money in the end.

5) Be as honest and accurate as you can. You'll need to list information such as former residences and employers when completing your loan application. If everything is accurate, then your application will be processed quickly. If there's a lie or inaccuracy, however, the lender will likely find out, and this will negatively affect your application. The consequences of an untruthful application can range from a long delay in your processing time as the lender checks everything on your application, to your loan being denied outright.
About the Author
Author Jason Lancaster, an auto industry veteran, developed AccurateAutoAdvice.com. You'll find accurate tips for buying a car and auto advice.
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